Austin company reports positive current eampp of 200000 and, Ask an Expert

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Austin Company reports positive current E&P of $200,000 and negative accumulated E&P of $300,000. Austin distributed $250,000 to its sole shareholder, Betsy Bevo, on December 31, 20X3. Betsy's tax basis in her stock is $125,000. How much of the $250,000 distribution is treated as a dividend to Betsy and what is her tax basis in Austin stock after the distribution?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9796401

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